In an interview with public radio, NYS Attorney General Eric Schneiderman talks about the mortgage foreclosure settlement reached with some major banks. Schneiderman, who was a hold out on the deal until the final hours before the agreement was reached, says his resistance gained the right to continue criminal prosecutions against the banking industry for possible fraud, and to provide money for underwater and foreclosed homeowners for legal representation. He admits the deal is a "down payment", and "one step on a long path".
The AG has also been appointed to a task force by President Obama, and Schneiderman says probes are already beginning, looking at "pre (market) crash conduct", including the bundling and selling of mortgage securities.
Scneiderman says "the market is supposed to be a football game, not a street fight", there should be rules and there should be meaningful penalties.
Listen to entire interview above.
